Please prepare a balance sheet and income statement from the following attached.

Snickers Corp. Prepares its financial statements under U.S. GAAP During the Year The company begins operations on January 1, 2016. The company is started by issuing 50,000 shares of common stock for $1,000,000 ($1 Par value stock) The company immediately purchases $400,000 in inventory for cash and sells $100,000 of this inventory to customer #1 for $150,000 on credit. The company purchases a machine for $120,000 cash on January 1st and depreciates it over 10 years (depreciation is recorded at year end and there is no salvage value) On June 1st, customer #1 pays us $70,000 of the amount due. During June $25,000 dollars of research and development expenses are incurred. $10,000 has not been paid as of yearend. One December 1st the company purchases and receives inventory (on Credit) 100,000 kroner worth of inventory when the spot rate is 3.00. To hedge this transaction the company enters into a forward contract to purchase 100,000 kroners 3/1/17 for 2.94. The 12/31/16 spot rate is 3.02. The forward rate at 12/31/16 (to purchase kroners at 3/1/17) is 2.99. The hedge is treated as a cash flow hedge. The discount factor is .9803 As part of the year end closing process the value of the machine is determined to be $100,000 (based on the undiscounted cash flows). The net realizable value is $105,000. Prepare a December 31, 2016 Balance Sheet and Income Statement, BALANCE SHEET INCOME STATEMENT